Goldman Sachs has significantly raised its forecast for Brent oil prices

The US investment bank Goldman Sachs has significantly raised its forecast for the development of the price of the North Sea Brent oil mixture. While it initially expected it to be around $ 80 (€ 68.27) per barrel by the end of the year, the most recent is Brent's price of $ 90 per barrel. Goldman Sachs cited the faster recovery of oil demand for the delta variant of the new coronavirus and the slowdown in production in the US, which was hit by Hurricanes Ida and Nicholas in September. The price of Brent crude oil with the November contract reached almost a three-year high last week. The markets thus responded to the fact that due to insufficient supply on the market, many energy companies had to draw more oil from stocks. On Monday, the price of Brent exceeded 79 USD / barrel and the price of American oil West Texas Intermediate (WTI) exceeded $ 75 per barrel. "Although we have been anticipating rising oil prices for some time, the current extent of supply constraints is greater than we expected, "said Goldman Sachs. The market situation was significantly affected by Hurricanes Ida and Nicholas, which hit the United States in recent weeks and shut down a large number of oil wells in the Gulf of Mexico for weeks. Oil prices are also being pushed up by limited gas supplies, which Goldman Sachs said will increase oil production from oil. Goldman Sachs' latest forecast for the Brent price could be reversed by two possible factors, the bank added. One is a possible significant increase in production by OPEC + countries, and the other is the introduction of another variant of the new coronavirus, which would again reduce the demand for oil.